Kenyan Asante closes first tranche of $7.5m Series A funding
Kenya-based Fintech startup Asante has announced a $7.5m Series A investment to help its credit offerings to a host of African countries.
The funding round was led by Goodwell Investments with participation by other investors including Sorenson Impact Foundation and Forsage Holdings.
Asante was launched in 2020 by Chidi Okpala with its focus on facilitating financial independence for businesses and individuals.
Asante has developed a digital lending platform that uses alternative data and proprietary AI loan management.
The company works directly with ecosystem channel partners, including telcos, mobile-based marketplaces, airlines, retailers, payment processors, insurance companies, smartphone phone OEMs, and large FMCGs, to collect conventional and non-conventional MSME data, with the prior consent of the clients, to reduce the cost of customer acquisition and due diligence while providing sufficient alternative data for credit underwriting.
Asante plans to be in 12 countries by 2025 and looks set to realize part of that goal after the funding round.
“We are delighted to welcome our new investors including Goodwell, Sorenson, and Forsage in our inaugural institutional fundraise. Together, we will advance access to finance, and financial independence and wellbeing for the millions of small businesses on the continent,” said Chidi Okpala, founding chief executive officer (CEO) of Asante.
“With over 650 percent growth in lending activities since Q1 2021 and a sustained average all-in default rate of 2.5 percent, Asante is well-positioned to fast track scale and deepen our impact in our operating markets. Our bold post-COVID response is helping small businesses recover, reconstruct and reposition for growth while ensuring that thousands of jobs are safeguarded. We look forward to around extension very early in the new year to support the solid growth momentum.”
Asante will use the series A funding to scale its credit offerings to the underserved segment of MSMEs in Kenya and Uganda and expand to Nigeria and Rwanda.